Wealth of Nations, An Inquiry into the Nature and Causes of the

The Concise Oxford Companion to English Literature | 2003 | 700+ words | Copyright

Wealth of Nations, An Inquiry into the Nature and Causes of the, a treatise on political economy by Adam Smith, published 1776.

Smith's work is the first comprehensive treatment of the whole subject of political economy, and is remarkable for its breadth of view. The work sets out with the doctrine that the labour of the nation is the source of its means of life. In a more advanced state of society three elements enter into price—wages, profit, and rent—and these elements are discussed separately.

The second book deals with capital, its nature, accumulation, and employment. Smith's political economy is essentially individualistic; self-interest is the proper criterion of economic action. But the universal pursuit of one's own advantage contributes, in his view, to the public interest.

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MARGARET DRABBLE and JENNY STRINGER. "Wealth of Nations, An Inquiry into the Nature and Causes of the." The Concise Oxford Companion to English Literature. 2003. Encyclopedia.com. 29 May. 2012 <http://www.encyclopedia.com>.

MARGARET DRABBLE and JENNY STRINGER. "Wealth of Nations, An Inquiry into the Nature and Causes of the." The Concise Oxford Companion to English Literature. 2003. Retrieved May 29, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O54-WlthfNtnsnnqryntthNtrndCs.html

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